Cipher, a leading BTC mining and trading company, has announced plans to significantly expand its operations with a new $100 million investment. The investment includes the purchase of 37,000 Bitmain Antminers to operate an 11 megawatt mining operation. The new Antminers are expected to add approximately 10 exahash per second (EH/s) to the company’s current 4 EH/s mining capacity.
The Antminers purchased by Cipher will join its existing fleet of 55,000 Antminers already in operation in facilities in China, the United States and Canada. The new mining equipment will also bolster the company’s presence in North America and give its mining operations a combined 15 EH/s of power. Cipher plans to first deploy the new equipment in its North American facilities and then continue expanding operations over the next few months.
Cipher’s acquisition follows on the heels of a similar purchase by BTC.top, who purchased 21,000 Bitmain Antminers for $80 million during Q4 of 2020. The surging demand for mining equipment is being driven by the recent surge in BTC prices, and miners are investing in large-scale operations in order to maximize profits. In addition to this latest purchase, Cipher is also exploring opportunities for larger investments in both hardware and software that will further enhance their mining operations.
